As we approach the end of the year and the time when most organisations start to appraise their employees, the subject of a pay rise is high on most people’s minds. But assessing your value and knowing how to approach the subject of salaries can be a tricky conversation. Here’s some things we think you should know…
What is an appropriate pay rise?
In most instances your salary and package will have been carefully considered by your employer, in line with set parameters and policies for the firm and after specific benchmarking. It is therefore important to understand your employer’s pay practices and where your current role sits within the organisation. If your company’s structure is very flat there may not be the opportunity to progress as quickly or as easily as you would in a larger organisation. Also bear in mind that some firms will only consider pay rises at certain set times of the year.
Alongside understanding your place in an organisation, educate yourself on the current market for your industry. How in demand is your role? Are there many vacancies on the market for your job? Through our commitment-free Career Health Check service, we are able to advise you on where your current package sits within the industry, as well as offering our professional opinion on other non-financial benefits you may be receiving by way of a comparison.
Why do I deserve a pay rise?
A successful negotiation for a pay rise is based on your merit and accomplishments. Be prepared for any meeting by listing out your achievements, goals that you have met or even exceeded over the last year. This could be saving the company costs, helping to make efficiencies, exceeding customer expectations or completing important projects. Try to identify measurable results such as passing qualifications or hitting targets.
Having addressed the above, you should now be prepared to approach the subject of a meeting with your line manager, which may form part of your appraisal process. Give them prior notice of what you would like to discuss so they can research the position to provide you with a considered response. Demonstrate your loyalty and commitment to the firm with positive examples and do not use the leverage of offers from other firms as part of your negotiation.
Through our experience with firms across the fiduciary services sector we are able to help employees review their place in the wider industry, identifying strengths and guiding them on how they could improve their career prospects. Our Career Health Check service gives individuals the chance to address their concerns and queries in a private and confidential setting, before broaching the difficult topic of pay rises. If you would like to review your position and career progression, please send us a message to make an appointment.